If you are not offering the HECM for Purchase, then you could be missing big sales, big time!
Have you ever been in a situation, for example, where your clients have $200,000 cash to spend on a new home and all you can find are homes from $250,000 to $275,000 that meet your client's needs? Most Realtors would say "I'm sorry, but since you don't have the cash, and you don't want to finance, I don't see how I can help you". But with a HECM for Purchase, you can.
More and more realtors are learning about a very powerful tool called the HECM for Purchase. Why? Because over 10,000 baby boomers turn 62 EVERY DAY!!
HERE'S HOW IT WORKS Your clients do not want a monthly mortgage payment and they only have $200,000, in liquid assets, and to cite the example above, they found their dream house which costs $250,000. So instead of giving up, the buyer, who is 65 years old, puts down $125,000, and secures a reverse mortgage for the balance of $125,000 (down payment is estimated at 50% of purchase price for borrowers both the age of 65).
And now what have you accomplished?
• Your clients bought the house of their dreams free from monthly debt servicing, which was their major goal.
• Your buyer retains $75,000 of the $200,000 they started with as investment or savings or emergency funds.
• You have made a sale and you and your clients are very, very happy.
Simply put, a HECM for Purchase allows potential homebuyers, 62 years of age and above (only one needs to be 62) to purchase their dream retirement home without the obligation of a monthly principal & interest payment for as long as at least one of the borrowers maintain the home as their primary residence.
Bon Air Mortgage Company
14818 Diamond Creek Terrace, Midlothian, VA 23113
Copyright © 2019 Bon Air Mortgage Company - All Rights Reserved.
NMLS# 305595 An Equal Housing Opportunity Lender
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